Restaurant/cafe for sale in Devonshire Arcade, Penrith CA11

Lovely Shopping Arcade Bistro
• Popular vegan style café/ bistro
• 25 cover seating area plus catering kitchen and toilet
• Part of town centre covered shopping arcade
• Edge of Lake District market town
• Sale includes goodwill and fixtures and fittings
• New lease of unit offered

Overview
This is an opportunity to acquire a lovely 25 cover going concern café/ bistro in a shopping arcade in the centre of the market town of Penrith, which lies on the edge of the Lake District. The business has been trading under its current guise of Simple Goodness Bistro since 2019, offering a vegan food and drink menu. The sale includes the inventory of fixtures, fittings and equipment and goodwill. The business name and recipes are available separately.

The business is currently trading just below the VAT threshold from Wednesday to Saturday between 11.30am and 4.00pm, operated with two proprietors and no additional staff. It has no alcohol licence, but the unit has benefited from a premises licence in the past. Customers include a mix of regular locals and tourists.

The business has potential to expand its hours and offerings. The proprietors are selling for personal reasons.

Full accounts will be made available to bona fide applicants, normally after viewing.

Location
Penrith is a market town, situated just to the north-east of the Lake District National Park, with a population of around 15,000. Traditionally a farming area, the town also has local and regional businesses and tourist trade throughout the year. It is at J40 of the M6, which links with the west-east A66 trunk road, and 20 miles south of Carlisle and has a railway station on the West Coast Main Line. Local facilities include two secondary schools, a range of independent shops, pubs, cafes, a leisure centre and auction mart. Major retailers in the town include Argos, Peacocks, B&M, B&Q, Boots, Booths, Sainsburys, wh Smiths, Morrisons, Aldi and M&S Foodhall. Unit 22/23 Devonshire Arcade is situated at the bottom end of the busy shopping mall, just off the main shopping street in the town centre.

Description
The unit includes a seating area, servery, catering kitchen and toilet with entrances into the arcade and a separate external entrance onto a car park which is available to the public in the evening.

Services
We are advised that mains water, electricity, gas and drainage are connected to the property. No warranty is given regarding the working order of any appliances or services referred to in these particulars.

Fixtures & Fittings
Included in the sale is an inventory of trade fixtures, fittings, equipment and furnishings. Any items not included in these particulars or the inventory are excluded. Stock will be valued separately and taken on completion.

Tenure
The landlord of the arcade has indicated they would be willing to offer a new lease to an approved purchaser of the business. The tenant pays rent, a service charge for the upkeep of the common areas and buildings insurance, which we understand currently amounts to £1,197 per month.

Rates
Description in list: Café & premises
Rateable Value: £7,000

The property qualifies for 100% small business rates relief.

Energy Performance Certificate
Energy Rating: B. A copy of the EPC is available on our website.

Vat & Stamp Duty
All reference to price, premium or rent are deemed to be exclusive of VAT unless expressly stated otherwise. Stamp duty is liable at the prevailing rates.

Finance
If you require financial assistance, we can refer you to a local professional who can advise on sources of finance and prepare a business plan which most lenders now require.

Legal Costs
Each party will bear it's own costs in connection with the transfer of the business. The landlord will make their own charge for a new lease.

Money Laundering Legislation
Estate Agents are obliged to obtain evidence of identity and proof of address of buyers and tenants to comply with Anti-Money Laundering Legislation, prior to acceptance of an offer.